FOURTH-QUARTER REVENUES, PROFITS SOAR AT EXPEDITORS

FOURTH-QUARTER REVENUES, PROFITS SOAR AT EXPEDITORS    Expeditors International of Washington, Inc. reported a fourth-quarter net income of $36 million, up 33 percent when compared to the year-earlier quarter, combined with a 41 percent increase in total revenues, to $691.2 million.
   The latest quarterly figures compare with net earnings of $27.1 million and total revenues of $490.7 million in the fourth quarter of 2001.
   Net revenues for the fourth quarter increased by 30 percent, to $201.6 million, from $155.3 million, and operating income rose to $55 million, from $40.7 million for the same quarter in 2001.
   The latest quarter showed substantial increases in total revenues from airfreight (up 47 percent), from ocean freight and ocean services (up 41 percent) and from Customs brokerage and import services (up 22 percent).
   The fourth quarter was characterized by a boom in the U.S. international airfreight market and port shutdowns in the transpacific ocean freight business.
   “The true significance of the fourth quarter cannot be easily understood — you really had to experience it to comprehend the tremendous effort put forth by our employees,” said Peter J. Rose, chairman and chief executive officer. He said that the burdens placed on Expeditors’ employees were “unprecedented.”
   “Our customers were caught in unforeseeable circumstances over which there was little control,” Rose commented. “It wasn’t pretty,” Rose added, but supply chains remained open despite many disruptions.
   For the year ended Dec. 31, Expeditors’ total revenues amounted to $2.3 billion, up from $1.9 billion in 2001. Net revenues increased to $682.2 million, from $606.5 million. Operating income rose to $171 million, from $146 million in 2001, representing an increase of 17 percent. Net earnings rose to $112.5 million, from $97.2 million in 2001.